Bull run seen on D-street, Sensex rallied more than 700 points, Nifty rose almost 200 points; Auto, Private Banks and Realty sector led the rally
IndusInd Bank, Tata Motors and Bajaj Finance were the top gainers while Coal India, Sun Pharma and Dr Reddy’s Lab were the top losers amongst Nifty 50 stocks.
Market update at 3.30 PM:
Indices engulfed the fall of last trading session and closed above it. Nifty rose 195 points to close 1 per cent higher at 18,264 level.
S&P BSE Sensex jumped more than 700 points and closed at 61,764 level. Nifty Midcap 100 and Nifty Small cap 100 also participated in the rally and closed around 1.02 per cent and 0.94 per cent higher respectively.
Auto, Private Banks and Realty sector traded strong for the day while PSU Banks and Media sector stocks remained weak.
IndusInd Bank, Tata Motors and Bajaj Finance were the top gainers while Coal India, Sun Pharma and Dr Reddy’s Lab were the top losers amongst Nifty 50 stocks.
Today, Nifty made the highest closing of the year 2023 after sharp selloff of last trading session. It rallied again from the important technical support zone close to 18,000 level. Further move can be expected if bulls managed to surpass today’s high decisively.
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Market update at 2 PM: Indices are trading sharply higher amid positive buying sentiment across financials and auto stocks. NSE Nifty 50 has soared 1.20 per cent to trade near 18,300 levels while S&P BSE Sensex has jumped nearly 800 points. Nifty Midcap and Nifty Smallcap have risen 1 per cent and 0.88 per cent respectively.
Realty stocks, along with financials and auto are the top performers for the day. PSU Bank stocks, which were trading weak early on, have recovered from their day’s lows.
Bajaj twins, Tata Motors and IndusInd Bank are most active on D-street.
Market update at 11 AM: The broader market has seen a strong rally, thanks to huge buying interest in the financials and real estate stocks. NSE Nifty 50 has jumped nearly a per cent to trade above 18,200 levels while S&P BSE Sensex has surged over 600 points. Nifty Midcap and Nifty Smallcap have risen 0.83 per cent and 0.69 per cent respectively.
Meanwhile, Nifty Realty has surged nearly 2 per cent, along with Nifty Bank, which has jumped 1.35 per cent. However, the PSU Bank index has seen selling pressure and is down 1.33 per cent.
Bajaj twins, i.e., Bajaj Finserv and Bajaj Finance have soared 2.62 per cent and 3.19 per cent respectively and are the top gainers amongst the Nifty 50 stocks along with IndusInd Bank (+5 per cent). Coal India, Adani Enterprises and Dr Reddy’s Laboratories are weak today.
About 1,388 stocks are advancing as against 618 stocks that are declining, thus showing positive market breadth.
Market update at 9.30 AM: Indices have opened higher amid positive global cues. NSE Nifty 50 index has jumped 0.60 per cent to trade near 18,200 levels while S&P BSE Sensex is up over 400 points. Stock specific action continues in the broader market.
Private Banks and auto stocks have seen fresh buying interest while PSU Banks are weak today. India VIX has surged over 2 per cent at the start of the session.
Pre- Market Update: Dow Jones Industrial Average bounced back strongly after the selling of 4th consecutive trading session amid strong jobs data and banks earnings. It rallied 546-points to close around the 33,674-level. Meanwhile, the Nasdaq 100 Index closed in green at 13,259 level, 2.13 per cent higher at upper side of consolidating range in the last trading session.
Gold witnessed sharp profit booking on higher levels and closed red around 1.5 per cent after hitting new life time high while Silver also traded weak around 1.38 per cent, while Brent crude futures bounced from previous swing lows, more than 3 per cent after a sharp fall.
On Friday, Foreign Institutional Investors (FIIs) bought 777.68 crore and Domestic Institutional Investors (DIIs) sold 2198.77 crore in equity segment.
In Derivative segment as compared to last trading session, PROs remained nearly neutral as no major change in positions was seen while DIIs and Clients increased longs position in index. On the other hand, FIIs added shorts in index future. Now FIIs index long position came to 45.12 per cent from 47.29 per cent.
According to SGX Nifty, Nifty is expected to open with a gap up more than 30 points. Nearest psychological and technical support zone will be 17,900 – 18,000 level.
Important earnings to watch out for the day include Aarti Industries, Canara Bank, Coal India, Exide Industries, MGL and UPL